Securing a Settlement Loan Following a Car Accident
Securing a Settlement Loan Following a Car Accident
It’s likely you never planned on getting in the car accident that caused such severe injuries that you’re unable to work and earn an income. The road to recovery will take extensive medical treatment, and with that comes the potential of expensive post-accident care. There are ways to minimize the pressure on your finances following a car accident. A settlement loan can provide you with the peace of mind that you’ll have money coming in to cover medical expenses not paid by the insurer and living expenses while you’re unable to work.
Here are a few things you should know about injuries caused by auto accidents and why you should seek out a settlement loan to ensure money is coming in while you’re unable to earn an income.
Car Accidents in Canada
According to the Ministry of Transportation, some of the most common types of automobile accidents in Canada are sideswipes, rear-end collisions, and turn strikes. Driving while impaired and distracted driving contribute to a significant percentage of vehicle accidents every year. In fact, distracted driving contributed to 17.9% of all automobile accident fatalities in 2014.
Sustaining a serious injury in a car accident will indeed change your life, hopefully for the short term.
What You Can Do With the Loan Proceeds
Whether your case is making its way through the legal system or if there is an active negotiation taking place, the reality is that you need to make sure you have a source of funds coming in. Securing a settlement loan allows you to take care of bills and expenses before they become overwhelming. You can also use the loan as an income substitute while you’re out of work. It will help to protect your credit because the loan proceeds allow you to stay up to date on your financial obligations, leaving you more time to focus on getting back on your feet.
Securing a settlement loan isn’t as difficult as many people think. Most necessary information required by a potential lender is already supplied by your attorney as part of your court case. The lender will review the data and if it looks like you have a good chance of winning the case or receiving a settlement that would be equitable to your loan, you will more than likely pass the approval process.
Now is the Time to Act
Get your information together and arrange a meeting with a lender today. Ensure you’ve compiled a list of questions that you need answers to. The lender will provide ideas on what sort of loan arrangements will work best in your case and help you understand what to expect from the process. With the help of a reputable lender, you will soon have the money you need to ensure your financial future isn’t ruined by an auto accident.